Music Events - Israel

Israel

Highlights

Revenue in the Music Events market is projected to reach US$59.94m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.69%, resulting in a projected market volume of US$64.11m by 2028.
In the Music Events market, the number of users is expected to amount to 525.0k users by 2028.
User penetration will be 5.7% in 2024 and is expected to hit 5.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$115.20.
In global comparison, most revenue will be generated United States (US$16.98bn in 2024).
With a projected rate of 25.8%, the user penetration in the Music Events market is highest Denmark.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Music Events market in Israel has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Israeli consumers have shown a growing interest in music events, with a particular preference for live performances by both local and international artists. This can be attributed to the unique experience and atmosphere that live music events provide, allowing audiences to connect with their favorite artists on a more personal level. Additionally, the younger generation in Israel has shown a strong affinity for music festivals, which offer a diverse range of performances and activities, creating a sense of community and shared enjoyment.

Trends in the market: One of the key trends in the Music Events market in Israel is the increasing number of international artists performing in the country. This can be attributed to Israel's growing reputation as a vibrant and thriving music scene, attracting artists from around the world. Additionally, the rise of social media and online streaming platforms has made it easier for artists to connect with their fans and promote their music, leading to a higher demand for live performances. Another trend in the market is the diversification of music genres and styles. While Israeli music events have traditionally focused on popular genres such as pop and rock, there has been a growing demand for alternative and niche genres, including electronic music, hip-hop, and world music. This reflects the changing tastes and preferences of the Israeli audience, who are increasingly seeking out unique and diverse musical experiences.

Local special circumstances: Israel's unique cultural and historical background plays a significant role in shaping the Music Events market. The country's rich musical heritage, with influences from Jewish, Middle Eastern, and Western traditions, provides a fertile ground for creativity and innovation. Israeli artists often draw inspiration from their cultural roots, blending traditional and contemporary elements to create a distinct musical identity. Furthermore, Israel's small size and close-knit community contribute to a sense of intimacy and connection at music events. This creates a more immersive and engaging experience for both artists and audiences, fostering a vibrant and supportive music scene.

Underlying macroeconomic factors: Israel's strong economy and high disposable income levels have also contributed to the growth of the Music Events market. With a relatively affluent population, Israeli consumers are willing to spend on entertainment and cultural experiences, including music events. Additionally, the government has recognized the economic and cultural value of the music industry, providing support and incentives for the development of the sector. In conclusion, the Music Events market in Israel is experiencing growth due to customer preferences for live performances, trends in the market such as the presence of international artists and the diversification of music genres, local special circumstances including Israel's cultural heritage and close-knit community, and underlying macroeconomic factors such as a strong economy and high disposable income levels. This combination of factors has created a thriving and dynamic music scene in Israel, attracting both local and international artists and providing audiences with a wide range of musical experiences.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.